<PAGE> 1
PART A & PART B
Parts A and B of this Amendment are incorporated by reference to Registrant's
Post-Effective Amendment No. 33 under the 1933 and 1940 Acts to its Registration
Statement (File Nos. 2-71299 and 811-3154).
<PAGE> 2
FRANK RUSSELL INVESTMENT COMPANY
File No. 2-71299 and 811-3153
1933 Act Post-Effective Amend. No. 34
1940 Act Amendment No. 34
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements for the year ended 12/31/95 for each
"External Fee Fund" (comprised of Equity I, Equity II, Equity
III, Equity Q, Fixed Income I, Fixed Income II, Fixed Income III,
International, Emerging Markets and Money Market Funds), and for
each "Internal Fee Fund" (comprised of Diversified Equity,
Special Growth, Equity Income, Quantitative Equity, Diversified
Bond, Volatility Constrained Bond, Multistrategy Bond,
International Securities, Limited Volatility Tax Free, Real
Estate Securities, U.S. Government Money Market and Tax Free
Money Market Funds). Equity T Fund has not commenced operations
and was not offered for public investment prior to the effective
date of this registrant statement.
Part A Supplementary Per Share Information
Part B Incorporated by Reference to "External Fee Funds" and
"Internal Fee Funds" Annual Reports for the Fiscal year
ended December 31, 1995, Post-Effective Amendment No. 32,
Exhibit 99.
1. Statement of Net Assets
2. Statement of Assets and Liabilities
3. Statement of Operations
4. Statement of Changes in Net Assets
5. Financial Highlights
6. Portfolio Management Discussion
(b) Exhibits
1(a) Master Trust Agreement (incorporated by reference to
Post-Effective Amendment No. 32)
1(b) 11/29/84 Amendment to Master Trust Agreement (incorporated
by reference to Post-Effective Amendment No. 32)
1(c) 5/29/85 Amendment to Master Trust Agreement (incorporated
by reference to Post-Effective Amendment No. 32)
1(d) 1/26/87 Amendment to Master Trust Agreement (incorporated
by reference to Post-Effective Amendment No. 32)
<PAGE> 3
Exhibits
1(e) 2/23/89 Amendment to Master Trust Agreement
(incorporated by reference to Post-Effective Amendment
No. 32)
1(f) 5/11/92 Amendment to Master Trust Agreement
(incorporated by reference to Post-Effective Amendment
No. 32)
1(g) 3/22/96 Amendment to Master Trust Agreement
(incorporated by reference to Post-Effective Amendment
No. 32)
1(h) 4/22/96 Amendment to Master Trust
Agreement(incorporated by reference to Post-Effective
Amendment No. 33)
2. Bylaws (incorporated by reference to Post-Effective
Amendment No. 6)
3. Voting Trust Agreement (not applicable)
4. Specimen Securities
4(a) External Fee Fund (incorporated by reference to
Post-Effective Amendment No. 7)
4(b) Internal Fee Fund (incorporated by reference to the
Post-Effective Amendment No. 9)
4(c) Quantitative Equity, Equity Q and Tax Free Money Market
Funds (incorporated by reference to Post-Effective
Amendment No. 11)
4(d) Real Estate Securities Fund (incorporated by reference
to the Post-Effective Amendment No. 15 filed on May 1,
1989 ["Post-Effective Amendment No. 15"])
5(a) Amended and Restated Management Agreement with Frank
Russell Investment Management Company (incorporated by
reference to Post-Effective Amendment No. 32)
5(a)(1) LetterAgreement adding Equity T Fund to the Management
Agreement (incorporated by reference to Post-Effective
Amendment No. 32)
<PAGE> 4
Exhibits
5(b)(1) Service Agreement with Frank Russell Company and Frank
Russell Investment Management Company (incorporated by
reference to Post-Effective Amendment No. 11)
5(b)(2) Letter Agreement adding Real Estate Securities Fund to
the Service Agreement (incorporated by reference to
Post-Effective Amendment No. 15)
5(b)(3) Amendment 1 to Service Agreement with Frank Russell
Company and Frank Russell Investment Management Company
changing services and fees (incorporated by reference
to Post-Effective Amendment No. 22)
5(b)(4) Letter Agreement adding Fixed Income III, Multistrategy
Bond and Emerging Markets Funds to the Service
Agreement (incorporated by reference to Post-Effective
Amendment No. 22)
5(b)(5) Amendment No. 2 to the Service Agreement with Frank
Russell Company and Frank Russell Investment Management
Company amending Section 4 of the Agreement
(incorporated by reference to Post-Effective Amendment
No. 32)
5(b)(6) LetterAgreement adding Equity T Fund to the Service
Agreement (incorporated by reference to Post-Effective
Amendment No. 32)
5(b)(7) LetterAgreement with State Street Bank and Trust
Company for development of a Tax Accounting System
(incorporated by reference to Post-Effective Amendment
No. 32)
5(c)(1) Portfolio Management Contract, as amended, with Money
Managers and Frank Russell Investment Management
Company (incorporated by reference to Post-Effective
Amendment No. 32)
<PAGE> 5
Exhibits
6(a)(1) Distribution Agreement with Russell Fund Distributors,
Inc. (incorporated by reference to Post-Effective
Amendment No. 13 filed on 3/31/88 ["Post-Effective
Amendment No. 13"])
6(a)(2) Letter Agreement adding Real Estate Securities Fund to
the Distribution Agreement (incorporated by reference
to Post-Effective Amendment No. 15)
6(a)(3) Letter Agreement adding Fixed Income III, Multistrategy
Bond and Emerging Markets Funds to the Distribution
Agreement (incorporated by reference to Post-Effective
Amendment No. 22)
6(a)(4) LetterAgreement adding Equity T Fund to the
Distribution Agreement (incorporated by reference to
Post-Effective Amendment No. 32)
7. Bonus Plans (none)
8(a) Custodian Agreement with State Street Bank and Trust
Company (incorporated by reference to Post-Effective
Amendment No. 14)
8(b) Letter Agreement adding Real Estate Securities Fund to
the Custodian Agreement (incorporated by reference to
Post-Effective Amendment No. 15)
8(c) Letter Agreement adding Fixed Income III and
Multistrategy Bond Funds to the Custodian Agreement
(incorporated by reference to Post-Effective Amendment
No. 23 filed on November 2, 1992 ["Post-Effective
Amendment No. 23"])
8(d) Letter Agreement adding Emerging Markets Fund to the
Custodian Agreement (incorporated by reference to
Post-Effective Amendment No. 23)
<PAGE> 6
Exhibits
8(e) Amendment No. 1 to Custodian Agreement with State
Street Bank and Trust Company amending Section 3.5 of
the Agreement. (Incorporated by reference to
Post-Effective Amendment No. 29)
8(f) Form of Amendment to Custodian Agreement with State
Street Bank and Trust Company amending Sections 2.2 and
2.7 of the Agreement (incorporated by reference to
Post-Effective Amendment No. 28)
8(g) Amendment to the Custodian Agreement with State Street
Bank and Trust Company amending Sections 2.2 and 2.7 of
the Agreement (incorporated by reference to
Post-Effective Amendment No. 29.)
8(h) Amendment to the Fee Schedule of the Custodian
Agreement with State Street Bank and Trust Company
(incorporated by reference to Post-Effective Amendment
No. 29)
8(i) Amendment to the Custodian Agreement with State Street
Bank and Trust Company for addition of Omnibus accounts
(incorporated by reference to Post-Effective Amendment
No. 32)
8(j) Amendment to the Custodian Agreement with State Street
Bank and Trust Company amending Section 7 of the Fee
Schedule for all Funds except the Emerging Markets Fund
(incorporated by reference to Post-Effective Amendment
No. 32)
8(k) Amendment to the Custodian Agreement with State Street
Bank and Trust Company amending Section 7 of the Fee
Schedule for the Emerging Markets Fund (incorporated by
reference to Post-Effective Amendment No. 32)
<PAGE> 7
Exhibits
8(l) Amendment to the Custodian Agreement with State Street
Bank and Trust Company adding Equity T Fund
(incorporated by reference to Post-Effective Amendment
No. 32)
9(a)(1) Agency Agreement with Frank Russell Investment
Management Company (incorporated by reference to
Post-Effective Amendment No. 13)
9(a)(2) Letter Agreement adding Real Estate Securities Fund to
the (Transfer) Agency Agreement (incorporated by
reference to Post-Effective Amendment No. 15)
9(a)(3) Letter Agreement adding Fixed III Income, Multistrategy
Bond and Emerging Markets Funds to the (Transfer)
Agency Agreement (incorporated by reference to
Post-Effective Amendment No. 22)
9(a)(4) LetterAgreement amending Schedule A of the Transfer and
Dividend Disbursing Agency Agreement with Frank Russell
Investment Management Company (incorporated by
reference to Post-Effective Amendment No. 32)
9(a)(5) LetterAgreement adding Equity T Fund to the Agency
Agreement (incorporated by reference to Post-Effective
Amendment No. 32)
9(b) General forms of Frank Russell Investment Management
Company's Asset Management Services Agreements with
Bank Trust Departments and with other clients
(incorporated by reference to Post-Effective Amendment
No. 10)
9(c) General form of Frank Russell Investment Management
Company's Asset Management Services Agreement with
External Fee Fund clients and Internal Fee Fund clients
(incorporated by reference to Post-Effective Amendment
No. 9)
<PAGE> 8
Exhibits
9(d) General form of Frank Russell Investment Management
Company's Asset Management Services Agreement with
Private Investment Consulting clients of Frank Russell
Company (incorporated by reference to Post-Effective
Amendment No. 1 filed on February 22, 1982)
9(e) Shareholder Servicing Plan including forms of related
agreements(incorporated by reference to Post-Effective
Amendment No. 33)
10. Opinion and Consent of Counsel*
11(a) Other Opinions-Consent of Independent Accountants
11(b) Limited Power of Attorney with respect to Amendments to
the SEC Registration Statements of Frank Russell
Investment Company of Frank Russell Investment Company
Trustees (incorporated by reference to Post Effective
Amendment No. 31)
12. Financial Statements omitted from Item 23 (none) 13.
Agreement related to Initial Capital provided by Frank
Russell Company (incorporated by reference to
Post-Effective Amendment No. 2 filed on April 1, 1982)
14. Model Retirement Plans (none)
15. Rule 12b-1 Distribution Financing Plan including forms
of related agreements(incorporated by reference to
Post-Effective Amendment No. 33)
16. Schedule of Computation of Performance Calculation
(incorporated by reference to Post-Effective Amendment
No. 32)
17. Financial Data Schedules
18. Multiple Class Plan Pursuant to Rule 18f-3(incorporated
by reference to Post-Effective Amendment No. 33)
- -----------
* Registrant has registered an indefinite number of shares pursuant to Rule
24f-2 under the Investment Company Act of 1940, and filed an opinion of counsel
with its Rule 24f-2 Notice for the External and Internal Fee Funds on
February 28, 1996.
<PAGE> 9
Item 25. Persons Controlled by or Under Common Control with Registrant
None
Item 26. Number of Holders of Securities
<TABLE>
<CAPTION>
(1) (2)
Title of Class Number of Record Holders as of April 12, 1996
-------------- ---------------------------------------------
<S> <C>
Shares of beneficial interest
Par Value $0.01
Equity I 3,555
Equity II 3,353
Equity III 1,712
Equity Q 3,192
Equity T 0
International 3,605
Emerging Markets 7,007
Fixed Income I 2,618
Fixed Income II 1,774
Fixed Income III 2,323
Money Market 107
Diversified Equity 6,517
Special Growth 6,100
Equity Income 3,792
Quantitative Equity 6,290
International Securities 6,752
Diversified Bond 3,848
Volatility Constrained Bond 1,944
Multistrategy Bond 4,558
Limited Volatility Tax Free 613
Real Estate Securities Fund 8,853
U.S. Government Money Market 5,294
Tax Free Money Market 560
</TABLE>
Equity T Fund has not commenced operations and was not offered for
public investment as of April 12, 1996.
Item 27. Indemnification
Incorporated by reference to Post-Effective Amendment No. 6.
Item 28. Business and Other Connections of Investment Advisor
See, Registrant's prospectus sections "Frank Russell
Company--Consultant to the Funds," "The Money Managers" and "Money
Manager Profiles," the Statement of Additional Information sections
"Structure and Governance--Trustees and Officers," and "Operation of
Investment Company--Consultant."
Item 29. Principal Underwriters
(a) The Seven Seas Series Fund.
(b) Russell Fund Distributors, Inc. is the principal underwriter of the
Registrant. The directors and officers of Russell Fund
Distributors, Inc., their principal business address, and positions
and offices with the Registrant and Russell Fund Distributors, Inc.
are set forth below:
<PAGE> 10
<TABLE>
<CAPTION>
Name and Positions and Position and
Principal Business Officers with Offices with
Address Registrant Underwriter
------------------ ------------- -------------
<S> <C> <C>
Lynn L. Anderson Trustee, President, Chief Director, Chairman of the Board and
Executive Officer Chief Executive Officer
Eric A. Russell None Director and President
George W. Weber Treasurer and Chief Accounting None
Officer
Karl J. Ege Secretary and General Counsel Secretary and General Counsel
Randall P. Lert Director of Investments Director
Norma Schellberg None Treasurer
J. David Griswold None Assistant Secretary, Associate
General Counsel and Chief
Compliance Officer
Gregory J. Lyons Assistant Secretary Assistant Secretary
Mary E. Hughs None Assistant Secretary
Warren Thompson III None Corporate Tax Counsel
John J. James None Assistant Secretary
Nancy M. Jacoby None Assistant Secretary
Sandra J. Burke Assistant Secretary None
Deedra S. Walkey Assistant Secretary None
Emily Davis Assistant Secretary None
Amy Osler Assistant Secretary None
</TABLE>
(c) Inapplicable.
Item 30. Location of Accounts and Records
All accounts and records required to be maintained by section 31(a) of
the 1940 Act and Rules 31a-1 to 31a-3 thereunder are maintained in the
following locations:
FRIC FRIMCo
---- ------
Frank Russell Investment Company Frank Russell Investment
909 A Street Management Company
Tacoma, Washington 98402 909 A Street
Tacoma, Washington 98402
SS MM
-- --
State Street Bank & Trust Company Money Managers
1776 Heritage Drive JA4N See, Prospectus Section
North Quincy, Massachusetts 02171 "Money Manager Profiles"
for Names and Addresses
Rule 31a-1
(a) Records forming basis for financial statements - at
principal offices of SS, FRIC, FRIMCo, and MM for each
entity
(b) FRIC Records:
(1) SS - Journals, etc.
(2) SS - Ledgers, etc.
(3) Inapplicable
(4) FRIC - Corporate charter, etc.
(5) MM - Brokerage orders
(6) MM - Other portfolio purchase orders
<PAGE> 11
(7) SS - Contractual commitments
(8) SS and FRIC - Trial balances
(9) MM - Reasons for brokerage allocations
(10) MM - Persons authorizing purchases and sales
(11) FRIC and MM - Files of advisory material
(12) ---
(c) Inapplicable
(d) FRIMCo - Broker-dealer records, to the extent applicable
(e) Inapplicable
(f) FRIMCo and MM - Investment adviser records
Item 31. Management Services
None except as described in Parts A and B.
Item 32. Undertakings
(c) Registrant has elected to include its Management's discussion of
Fund performance required under N-1A, Item 5A in its annual
report. Registrant therefore undertakes to provide annual reports
without charge to any recipient of a Prospectus who requests the
information.
<PAGE> 12
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has duly caused this Post-Effective
Amendment No. 34 to its Registration Statement to be signed on its behalf by the
undersigned, thereto duly authorized in the City of Tacoma, and State of
Washington, on the 16th day of May, 1996.
FRANK RUSSELL INVESTMENT COMPANY
--------------------------------
Registrant
By: /s/Lynn L. Anderson
---------------------------------------
Lynn L. Anderson, Trustee and President
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following persons in the capacities
indicated on May 16, 1996.
Signatures Title
- ---------- -----
/s/Lynn L. Anderson Trustee and President,
- ----------------------- in his capacity as
Lynn L. Anderson* Chief Executive Officer
/s/George W. Weber Treasurer, in his capacity
- ----------------------- as Chief Accounting Officer
George W. Weber
Trustee
- -----------------------
Paul E. Anderson*
Trustee
- -----------------------
Paul Anton, PhD*
Trustee
- -----------------------
William E. Baxter*
Trustee
- -----------------------
Lee C. Gingrich*
<PAGE> 13
Trustee
- -----------------------
Eleanor W. Palmer*
Trustee
- -----------------------
George F. Russell, Jr.*
By: /s/Gregory J. Lyons
-------------------
Gregory J. Lyons
- ----------
* Original Powers of Attorney authorizing the President, the Treasurer,
any Assistant Treasurer, the Secretary or any Assistant Secretary, and
each of them singly to sign this Amendment thereto on behalf of the
Board of Trustees of Frank Russell Investment Company which have been
filed with the Securities and Exchange Commission.
<PAGE> 14
FRANK RUSSELL INVESTMENT COMPANY
FILE NO. 2-71299
FILE NO. 811-3153
EXHIBITS
Listed in Part C, Item 1(b)
To Post-Effective Amendment No. 34
and Amendment No. 34
to
Registration Statement on Form N-1A
Under
Securities Act of 1933
and
Investment Company Act of 1940
<PAGE> 15
EXHIBIT INDEX
<TABLE>
<CAPTION>
Name of Exhibit Exhibit Number
- --------------- --------------
<S> <C>
Financial Data Schedules 27.1-27.22
Consent of Independent Accountants 99.11(a)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 1
<NAME> EQUITY I FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 631224
<INVESTMENTS-AT-VALUE> 746417
<RECEIVABLES> 13591
<ASSETS-OTHER> 227
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 760235
<PAYABLE-FOR-SECURITIES> 4446
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4292
<TOTAL-LIABILITIES> 8738
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 625129
<SHARES-COMMON-STOCK> 26841
<SHARES-COMMON-PRIOR> 23465
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11480
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114888
<NET-ASSETS> 751497
<DIVIDEND-INCOME> 15529
<INTEREST-INCOME> 500
<OTHER-INCOME> 0
<EXPENSES-NET> 3779
<NET-INVESTMENT-INCOME> 12250
<REALIZED-GAINS-CURRENT> 84208
<APPREC-INCREASE-CURRENT> 96855
<NET-CHANGE-FROM-OPS> 193313
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12345
<DISTRIBUTIONS-OF-GAINS> 73241
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8043
<NUMBER-OF-SHARES-REDEEMED> 7585
<SHARES-REINVESTED> 2918
<NET-CHANGE-IN-ASSETS> 96528
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 5132
<GROSS-ADVISORY-FEES> 3021
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3779
<AVERAGE-NET-ASSETS> 640501
<PER-SHARE-NAV-BEGIN> 23.32
<PER-SHARE-NII> .52
<PER-SHARE-GAIN-APPREC> 7.71
<PER-SHARE-DIVIDEND> .52
<PER-SHARE-DISTRIBUTIONS> 3.03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.00
<EXPENSE-RATIO> .59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 2
<NAME> EQUITY II FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 240166
<INVESTMENTS-AT-VALUE> 278507
<RECEIVABLES> 6172
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 284679
<PAYABLE-FOR-SECURITIES> 4605
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 508
<TOTAL-LIABILITIES> 5113
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 234890
<SHARES-COMMON-STOCK> 9680
<SHARES-COMMON-PRIOR> 8119
<ACCUMULATED-NII-CURRENT> 180
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6219
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38277
<NET-ASSETS> 279566
<DIVIDEND-INCOME> 3960
<INTEREST-INCOME> 446
<OTHER-INCOME> 0
<EXPENSES-NET> 2038
<NET-INVESTMENT-INCOME> 2368
<REALIZED-GAINS-CURRENT> 34368
<APPREC-INCREASE-CURRENT> 25153
<NET-CHANGE-FROM-OPS> 61889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2493
<DISTRIBUTIONS-OF-GAINS> 26029
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3638
<NUMBER-OF-SHARES-REDEEMED> 3016
<SHARES-REINVESTED> 939
<NET-CHANGE-IN-ASSETS> 43221
<ACCUMULATED-NII-PRIOR> 86
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3033
<GROSS-ADVISORY-FEES> 1456
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2038
<AVERAGE-NET-ASSETS> 245027
<PER-SHARE-NAV-BEGIN> 25.00
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> 6.80
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> 2.90
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.88
<EXPENSE-RATIO> .83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 3
<NAME> EQUITY III FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 190333
<INVESTMENTS-AT-VALUE> 218185
<RECEIVABLES> 5535
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 223720
<PAYABLE-FOR-SECURITIES> 934
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 245
<TOTAL-LIABILITIES> 1179
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190090
<SHARES-COMMON-STOCK> 7646
<SHARES-COMMON-PRIOR> 7354
<ACCUMULATED-NII-CURRENT> 30
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4575
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27846
<NET-ASSETS> 222541
<DIVIDEND-INCOME> 6724
<INTEREST-INCOME> 421
<OTHER-INCOME> 0
<EXPENSES-NET> 1311
<NET-INVESTMENT-INCOME> 5834
<REALIZED-GAINS-CURRENT> 24907
<APPREC-INCREASE-CURRENT> 30468
<NET-CHANGE-FROM-OPS> 61209
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5956
<DISTRIBUTIONS-OF-GAINS> 20009
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1996
<NUMBER-OF-SHARES-REDEEMED> 2546
<SHARES-REINVESTED> 842
<NET-CHANGE-IN-ASSETS> 9489
<ACCUMULATED-NII-PRIOR> 151
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 765
<GROSS-ADVISORY-FEES> 946
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1311
<AVERAGE-NET-ASSETS> 201418
<PER-SHARE-NAV-BEGIN> 24.18
<PER-SHARE-NII> .82
<PER-SHARE-GAIN-APPREC> 7.73
<PER-SHARE-DIVIDEND> .83
<PER-SHARE-DISTRIBUTIONS> 2.79
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.11
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 4
<NAME> FIXED I FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 689178
<INVESTMENTS-AT-VALUE> 715801
<RECEIVABLES> 27268
<ASSETS-OTHER> 18542
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 761611
<PAYABLE-FOR-SECURITIES> 104507
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18787
<TOTAL-LIABILITIES> 123294
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 624101
<SHARES-COMMON-STOCK> 29570
<SHARES-COMMON-PRIOR> 25317
<ACCUMULATED-NII-CURRENT> 234
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12914)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26896
<NET-ASSETS> 638317
<DIVIDEND-INCOME> 3854
<INTEREST-INCOME> 36124
<OTHER-INCOME> 0
<EXPENSES-NET> 1945
<NET-INVESTMENT-INCOME> 38033
<REALIZED-GAINS-CURRENT> 7788
<APPREC-INCREASE-CURRENT> 45184
<NET-CHANGE-FROM-OPS> 91005
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 38659
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13120
<NUMBER-OF-SHARES-REDEEMED> 10440
<SHARES-REINVESTED> 1573
<NET-CHANGE-IN-ASSETS> 89933
<ACCUMULATED-NII-PRIOR> 322
<ACCUMULATED-GAINS-PRIOR> (20677)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1945
<AVERAGE-NET-ASSETS> 557955
<PER-SHARE-NAV-BEGIN> 19.59
<PER-SHARE-NII> 1.42
<PER-SHARE-GAIN-APPREC> 2.02
<PER-SHARE-DIVIDEND> 1.44
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.59
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 5
<NAME> FIXED II FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 181888
<INVESTMENTS-AT-VALUE> 181797
<RECEIVABLES> 2527
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184324
<PAYABLE-FOR-SECURITIES> 428
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 319
<TOTAL-LIABILITIES> 747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 188551
<SHARES-COMMON-STOCK> 9898
<SHARES-COMMON-PRIOR> 8010
<ACCUMULATED-NII-CURRENT> 409
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5292)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (91)
<NET-ASSETS> 183577
<DIVIDEND-INCOME> 1175
<INTEREST-INCOME> 10127
<OTHER-INCOME> 0
<EXPENSES-NET> 942
<NET-INVESTMENT-INCOME> 10360
<REALIZED-GAINS-CURRENT> (97)
<APPREC-INCREASE-CURRENT> 4915
<NET-CHANGE-FROM-OPS> 15178
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10433
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5221
<NUMBER-OF-SHARES-REDEEMED> 3831
<SHARES-REINVESTED> 498
<NET-CHANGE-IN-ASSETS> 34802
<ACCUMULATED-NII-PRIOR> 483
<ACCUMULATED-GAINS-PRIOR> (5247)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 942
<AVERAGE-NET-ASSETS> 161693
<PER-SHARE-NAV-BEGIN> 17.98
<PER-SHARE-NII> 1.16
<PER-SHARE-GAIN-APPREC> .59
<PER-SHARE-DIVIDEND> 1.18
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.55
<EXPENSE-RATIO> .58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 6
<NAME> INTERNATIONAL FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 705211
<INVESTMENTS-AT-VALUE> 781964
<RECEIVABLES> 11938
<ASSETS-OTHER> 92815
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 886717
<PAYABLE-FOR-SECURITIES> 4733
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85207
<TOTAL-LIABILITIES> 89940
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 717468
<SHARES-COMMON-STOCK> 21972
<SHARES-COMMON-PRIOR> 19667
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1712
<ACCUMULATED-NET-GAINS> 2768
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 78253
<NET-ASSETS> 796777
<DIVIDEND-INCOME> 15643
<INTEREST-INCOME> 596
<OTHER-INCOME> 0
<EXPENSES-NET> 6247
<NET-INVESTMENT-INCOME> 9992
<REALIZED-GAINS-CURRENT> 24476
<APPREC-INCREASE-CURRENT> 41597
<NET-CHANGE-FROM-OPS> 76065
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13262
<DISTRIBUTIONS-OF-GAINS> 19789
<DISTRIBUTIONS-OTHER> 1712
<NUMBER-OF-SHARES-SOLD> 7635
<NUMBER-OF-SHARES-REDEEMED> 6215
<SHARES-REINVESTED> 886
<NET-CHANGE-IN-ASSETS> 81295
<ACCUMULATED-NII-PRIOR> 453
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4442)
<GROSS-ADVISORY-FEES> 4112
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6333
<AVERAGE-NET-ASSETS> 709706
<PER-SHARE-NAV-BEGIN> 34.28
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> 3.16
<PER-SHARE-DIVIDEND> .72
<PER-SHARE-DISTRIBUTIONS> .94
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 36.26
<EXPENSE-RATIO> .88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 7
<NAME> MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 534096
<INVESTMENTS-AT-VALUE> 534096
<RECEIVABLES> 2450
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 536546
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2903
<TOTAL-LIABILITIES> 2903
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 533643
<SHARES-COMMON-STOCK> 533643
<SHARES-COMMON-PRIOR> 502302
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 533643
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30203
<OTHER-INCOME> 0
<EXPENSES-NET> 279
<NET-INVESTMENT-INCOME> 29924
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 29924
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 29924
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4628770
<NUMBER-OF-SHARES-REDEEMED> 4599030
<SHARES-REINVESTED> 1601
<NET-CHANGE-IN-ASSETS> 31341
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 981
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1260
<AVERAGE-NET-ASSETS> 497917
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .060
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .060
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 8
<NAME> DIVERSIFIED EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 438762
<INVESTMENTS-AT-VALUE> 523826
<RECEIVABLES> 11132
<ASSETS-OTHER> 168
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 535126
<PAYABLE-FOR-SECURITIES> 3147
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1334
<TOTAL-LIABILITIES> 4481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 433027
<SHARES-COMMON-STOCK> 13742
<SHARES-COMMON-PRIOR> 12833
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12715
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 84903
<NET-ASSETS> 530645
<DIVIDEND-INCOME> 11878
<INTEREST-INCOME> 500
<OTHER-INCOME> 0
<EXPENSES-NET> 4679
<NET-INVESTMENT-INCOME> 7699
<REALIZED-GAINS-CURRENT> 69485
<APPREC-INCREASE-CURRENT> 69768
<NET-CHANGE-FROM-OPS> 146952
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7796
<DISTRIBUTIONS-OF-GAINS> 53845
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4084
<NUMBER-OF-SHARES-REDEEMED> 4331
<SHARES-REINVESTED> 1156
<NET-CHANGE-IN-ASSETS> 31298
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> (2943)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3842
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4679
<AVERAGE-NET-ASSETS> 492625
<PER-SHARE-NAV-BEGIN> 32.26
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> 10.63
<PER-SHARE-DIVIDEND> .60
<PER-SHARE-DISTRIBUTIONS> 4.27
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 38.62
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 9
<NAME> SPECIAL GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 263930
<INVESTMENTS-AT-VALUE> 309011
<RECEIVABLES> 10203
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 319217
<PAYABLE-FOR-SECURITIES> 4895
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 644
<TOTAL-LIABILITIES> 5539
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 261070
<SHARES-COMMON-STOCK> 8009
<SHARES-COMMON-PRIOR> 6845
<ACCUMULATED-NII-CURRENT> 286
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7271
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45051
<NET-ASSETS> 313678
<DIVIDEND-INCOME> 4163
<INTEREST-INCOME> 501
<OTHER-INCOME> 0
<EXPENSES-NET> 3317
<NET-INVESTMENT-INCOME> 1347
<REALIZED-GAINS-CURRENT> 36043
<APPREC-INCREASE-CURRENT> 30963
<NET-CHANGE-FROM-OPS> 68353
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1515
<DISTRIBUTIONS-OF-GAINS> 25900
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3141
<NUMBER-OF-SHARES-REDEEMED> 2461
<SHARES-REINVESTED> 484
<NET-CHANGE-IN-ASSETS> 43663
<ACCUMULATED-NII-PRIOR> 71
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2652
<GROSS-ADVISORY-FEES> 2588
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3317
<AVERAGE-NET-ASSETS> 272449
<PER-SHARE-NAV-BEGIN> 33.47
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 9.25
<PER-SHARE-DIVIDEND> .21
<PER-SHARE-DISTRIBUTIONS> 3.52
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.17
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 10
<NAME> EQUITY INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 155046
<INVESTMENTS-AT-VALUE> 174901
<RECEIVABLES> 6433
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 181336
<PAYABLE-FOR-SECURITIES> 860
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 360
<TOTAL-LIABILITIES> 1220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154622
<SHARES-COMMON-STOCK> 4686
<SHARES-COMMON-PRIOR> 4480
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5695
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19799
<NET-ASSETS> 180116
<DIVIDEND-INCOME> 5453
<INTEREST-INCOME> 378
<OTHER-INCOME> 0
<EXPENSES-NET> 1734
<NET-INVESTMENT-INCOME> 4097
<REALIZED-GAINS-CURRENT> 22119
<APPREC-INCREASE-CURRENT> 22445
<NET-CHANGE-FROM-OPS> 48661
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4229
<DISTRIBUTIONS-OF-GAINS> 16620
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1419
<NUMBER-OF-SHARES-REDEEMED> 1552
<SHARES-REINVESTED> 338
<NET-CHANGE-IN-ASSETS> 8018
<ACCUMULATED-NII-PRIOR> 131
<ACCUMULATED-GAINS-PRIOR> 79
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1314
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1734
<AVERAGE-NET-ASSETS> 163308
<PER-SHARE-NAV-BEGIN> 32.21
<PER-SHARE-NII> .94
<PER-SHARE-GAIN-APPREC> 10.08
<PER-SHARE-DIVIDEND> .97
<PER-SHARE-DISTRIBUTIONS> 3.83
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 38.43
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 11
<NAME> DIVERSIFIED BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 545503
<INVESTMENTS-AT-VALUE> 567692
<RECEIVABLES> 23217
<ASSETS-OTHER> 4048
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 594957
<PAYABLE-FOR-SECURITIES> 76808
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4341
<TOTAL-LIABILITIES> 81149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 501995
<SHARES-COMMON-STOCK> 21692
<SHARES-COMMON-PRIOR> 24394
<ACCUMULATED-NII-CURRENT> 49
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10541)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22305
<NET-ASSETS> 513808
<DIVIDEND-INCOME> 2983
<INTEREST-INCOME> 34382
<OTHER-INCOME> 0
<EXPENSES-NET> 3048
<NET-INVESTMENT-INCOME> 34317
<REALIZED-GAINS-CURRENT> 5039
<APPREC-INCREASE-CURRENT> 44791
<NET-CHANGE-FROM-OPS> 84147
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 34786
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7174
<NUMBER-OF-SHARES-REDEEMED> 10717
<SHARES-REINVESTED> 841
<NET-CHANGE-IN-ASSETS> (60867)
<ACCUMULATED-NII-PRIOR> 269
<ACCUMULATED-GAINS-PRIOR> (15225)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2309
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3048
<AVERAGE-NET-ASSETS> 513072
<PER-SHARE-NAV-BEGIN> 21.53
<PER-SHARE-NII> 1.54
<PER-SHARE-GAIN-APPREC> 2.18
<PER-SHARE-DIVIDEND> 1.56
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.69
<EXPENSE-RATIO> .59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 12
<NAME> VOLATILITY CONSTRAINED BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 180951
<INVESTMENTS-AT-VALUE> 180307
<RECEIVABLES> 2953
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 183260
<PAYABLE-FOR-SECURITIES> 735
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 644
<TOTAL-LIABILITIES> 1379
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 192908
<SHARES-COMMON-STOCK> 9469
<SHARES-COMMON-PRIOR> 10459
<ACCUMULATED-NII-CURRENT> 55
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10438)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (644)
<NET-ASSETS> 181881
<DIVIDEND-INCOME> 1132
<INTEREST-INCOME> 12748
<OTHER-INCOME> 0
<EXPENSES-NET> 1408
<NET-INVESTMENT-INCOME> 12472
<REALIZED-GAINS-CURRENT> (910)
<APPREC-INCREASE-CURRENT> 6896
<NET-CHANGE-FROM-OPS> 18458
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12575
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4381
<NUMBER-OF-SHARES-REDEEMED> 5772
<SHARES-REINVESTED> 400
<NET-CHANGE-IN-ASSETS> (19009)
<ACCUMULATED-NII-PRIOR> 158
<ACCUMULATED-GAINS-PRIOR> (9624)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 985
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1408
<AVERAGE-NET-ASSETS> 197043
<PER-SHARE-NAV-BEGIN> 18.64
<PER-SHARE-NII> 1.21
<PER-SHARE-GAIN-APPREC> .58
<PER-SHARE-DIVIDEND> 1.22
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.21
<EXPENSE-RATIO> .71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 13
<NAME> INTERNATIONAL SECURITIES FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 556846
<INVESTMENTS-AT-VALUE> 612884
<RECEIVABLES> 9346
<ASSETS-OTHER> 62000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 684230
<PAYABLE-FOR-SECURITIES> 3914
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56927
<TOTAL-LIABILITIES> 60841
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 564051
<SHARES-COMMON-STOCK> 11012
<SHARES-COMMON-PRIOR> 10439
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2395
<ACCUMULATED-NET-GAINS> 4759
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 56974
<NET-ASSETS> 623389
<DIVIDEND-INCOME> 13146
<INTEREST-INCOME> 494
<OTHER-INCOME> 0
<EXPENSES-NET> 7826
<NET-INVESTMENT-INCOME> 5814
<REALIZED-GAINS-CURRENT> 24330
<APPREC-INCREASE-CURRENT> 30542
<NET-CHANGE-FROM-OPS> 60686
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11770
<DISTRIBUTIONS-OF-GAINS> 18007
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3790
<NUMBER-OF-SHARES-REDEEMED> 3587
<SHARES-REINVESTED> 370
<NET-CHANGE-IN-ASSETS> 29148
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1680
<OVERDISTRIB-NII-PRIOR> 200
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5724
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7909
<AVERAGE-NET-ASSETS> 602477
<PER-SHARE-NAV-BEGIN> 53.96
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> 4.89
<PER-SHARE-DIVIDEND> 1.11
<PER-SHARE-DISTRIBUTIONS> 1.69
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 56.61
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 14
<NAME> LIMITED VOLATILITY TAX FREE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 63117
<INVESTMENTS-AT-VALUE> 64611
<RECEIVABLES> 2305
<ASSETS-OTHER> 28
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66944
<PAYABLE-FOR-SECURITIES> 2970
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 136
<TOTAL-LIABILITIES> 3106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63697
<SHARES-COMMON-STOCK> 3005
<SHARES-COMMON-PRIOR> 2392
<ACCUMULATED-NII-CURRENT> 18
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1371)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1494
<NET-ASSETS> 63838
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2729
<OTHER-INCOME> 0
<EXPENSES-NET> 433
<NET-INVESTMENT-INCOME> 2296
<REALIZED-GAINS-CURRENT> 20
<APPREC-INCREASE-CURRENT> 2070
<NET-CHANGE-FROM-OPS> 4386
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2311
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1982
<NUMBER-OF-SHARES-REDEEMED> 1446
<SHARES-REINVESTED> 77
<NET-CHANGE-IN-ASSETS> 12788
<ACCUMULATED-NII-PRIOR> 33
<ACCUMULATED-GAINS-PRIOR> (1391)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 294
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 433
<AVERAGE-NET-ASSETS> 58801
<PER-SHARE-NAV-BEGIN> 20.48
<PER-SHARE-NII> .81
<PER-SHARE-GAIN-APPREC> .77
<PER-SHARE-DIVIDEND> .82
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.24
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 15
<NAME> U.S. GOVERNMENT MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 152811
<INVESTMENTS-AT-VALUE> 152811
<RECEIVABLES> 879
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 153690
<PAYABLE-FOR-SECURITIES> 2948
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 801
<TOTAL-LIABILITIES> 3749
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 149941
<SHARES-COMMON-STOCK> 149941
<SHARES-COMMON-PRIOR> 112077
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 149941
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8311
<OTHER-INCOME> 0
<EXPENSES-NET> 430
<NET-INVESTMENT-INCOME> 7881
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7881
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7881
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 474117
<NUMBER-OF-SHARES-REDEEMED> 441947
<SHARES-REINVESTED> 5695
<NET-CHANGE-IN-ASSETS> 37864
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 339
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 692
<AVERAGE-NET-ASSETS> 135491
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .058
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .058
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 16
<NAME> EQUITY Q FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 505969
<INVESTMENTS-AT-VALUE> 614852
<RECEIVABLES> 16836
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 631688
<PAYABLE-FOR-SECURITIES> 10231
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1198
<TOTAL-LIABILITIES> 11429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 494475
<SHARES-COMMON-STOCK> 20401
<SHARES-COMMON-PRIOR> 17630
<ACCUMULATED-NII-CURRENT> 16960
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 108824
<NET-ASSETS> 620259
<DIVIDEND-INCOME> 13194
<INTEREST-INCOME> 450
<OTHER-INCOME> 0
<EXPENSES-NET> 2999
<NET-INVESTMENT-INCOME> 10645
<REALIZED-GAINS-CURRENT> 62062
<APPREC-INCREASE-CURRENT> 89154
<NET-CHANGE-FROM-OPS> 161861
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10815
<DISTRIBUTIONS-OF-GAINS> 47298
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6436
<NUMBER-OF-SHARES-REDEEMED> 5522
<SHARES-REINVESTED> 1858
<NET-CHANGE-IN-ASSETS> 85850
<ACCUMULATED-NII-PRIOR> 37
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3341
<GROSS-ADVISORY-FEES> 2434
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2999
<AVERAGE-NET-ASSETS> 513672
<PER-SHARE-NAV-BEGIN> 24.43
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> 8.52
<PER-SHARE-DIVIDEND> .61
<PER-SHARE-DISTRIBUTIONS> 2.53
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.40
<EXPENSE-RATIO> .58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 17
<NAME> QUANTITATIVE EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 391745
<INVESTMENTS-AT-VALUE> 481463
<RECEIVABLES> 13668
<ASSETS-OTHER> 594
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 495725
<PAYABLE-FOR-SECURITIES> 5948
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 829
<TOTAL-LIABILITIES> 6777
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 378540
<SHARES-COMMON-STOCK> 15896
<SHARES-COMMON-PRIOR> 15319
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20743
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 89663
<NET-ASSETS> 488948
<DIVIDEND-INCOME> 11351
<INTEREST-INCOME> 378
<OTHER-INCOME> 0
<EXPENSES-NET> 4127
<NET-INVESTMENT-INCOME> 7602
<REALIZED-GAINS-CURRENT> 60055
<APPREC-INCREASE-CURRENT> 73049
<NET-CHANGE-FROM-OPS> 140706
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7728
<DISTRIBUTIONS-OF-GAINS> 41636
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4324
<NUMBER-OF-SHARES-REDEEMED> 4886
<SHARES-REINVESTED> 1138
<NET-CHANGE-IN-ASSETS> 17013
<ACCUMULATED-NII-PRIOR> 129
<ACCUMULATED-GAINS-PRIOR> 2303
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3469
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4127
<AVERAGE-NET-ASSETS> 444761
<PER-SHARE-NAV-BEGIN> 24.84
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> 8.72
<PER-SHARE-DIVIDEND> .51
<PER-SHARE-DISTRIBUTIONS> 2.79
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.76
<EXPENSE-RATIO> .93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 18
<NAME> TAX FREE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 78522
<INVESTMENTS-AT-VALUE> 78522
<RECEIVABLES> 711
<ASSETS-OTHER> 75
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79308
<PAYABLE-FOR-SECURITIES> 1007
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 301
<TOTAL-LIABILITIES> 1308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78000
<SHARES-COMMON-STOCK> 78000
<SHARES-COMMON-PRIOR> 100819
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 78000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3584
<OTHER-INCOME> 0
<EXPENSES-NET> 411
<NET-INVESTMENT-INCOME> 3173
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3173
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3173
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 133514
<NUMBER-OF-SHARES-REDEEMED> 157202
<SHARES-REINVESTED> 868
<NET-CHANGE-IN-ASSETS> (22819)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 215
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 411
<AVERAGE-NET-ASSETS> 85932
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .037
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .037
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 19
<NAME> REAL ESTATE SECURITIES FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 266357
<INVESTMENTS-AT-VALUE> 288819
<RECEIVABLES> 4500
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 293319
<PAYABLE-FOR-SECURITIES> 734
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1595
<TOTAL-LIABILITIES> 2329
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 270967
<SHARES-COMMON-STOCK> 12377
<SHARES-COMMON-PRIOR> 9284
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2440)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22463
<NET-ASSETS> 290990
<DIVIDEND-INCOME> 17362
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2535
<NET-INVESTMENT-INCOME> 14827
<REALIZED-GAINS-CURRENT> (948)
<APPREC-INCREASE-CURRENT> 14218
<NET-CHANGE-FROM-OPS> 28097
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15134
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 208
<NUMBER-OF-SHARES-SOLD> 4843
<NUMBER-OF-SHARES-REDEEMED> 2298
<SHARES-REINVESTED> 548
<NET-CHANGE-IN-ASSETS> 69027
<ACCUMULATED-NII-PRIOR> 390
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1491
<GROSS-ADVISORY-FEES> 2066
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2535
<AVERAGE-NET-ASSETS> 243006
<PER-SHARE-NAV-BEGIN> 22.53
<PER-SHARE-NII> 1.32
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> 1.35
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> .02
<PER-SHARE-NAV-END> 23.51
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 20
<NAME> FIXED INCOME III FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 260011
<INVESTMENTS-AT-VALUE> 265078
<RECEIVABLES> 5362
<ASSETS-OTHER> 7172
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 277612
<PAYABLE-FOR-SECURITIES> 18183
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6964
<TOTAL-LIABILITIES> 25147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 249791
<SHARES-COMMON-STOCK> 24428
<SHARES-COMMON-PRIOR> 17775
<ACCUMULATED-NII-CURRENT> 67
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2760)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5367
<NET-ASSETS> 252465
<DIVIDEND-INCOME> 2509
<INTEREST-INCOME> 12706
<OTHER-INCOME> 0
<EXPENSES-NET> 1246
<NET-INVESTMENT-INCOME> 13969
<REALIZED-GAINS-CURRENT> 4238
<APPREC-INCREASE-CURRENT> 15154
<NET-CHANGE-FROM-OPS> 33361
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14094
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10309
<NUMBER-OF-SHARES-REDEEMED> 5030
<SHARES-REINVESTED> 1374
<NET-CHANGE-IN-ASSETS> 66578
<ACCUMULATED-NII-PRIOR> 49
<ACCUMULATED-GAINS-PRIOR> (6740)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 892
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1246
<AVERAGE-NET-ASSETS> 204561
<PER-SHARE-NAV-BEGIN> 9.37
<PER-SHARE-NII> .67
<PER-SHARE-GAIN-APPREC> .97
<PER-SHARE-DIVIDEND> .67
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.34
<EXPENSE-RATIO> .61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 21
<NAME> EMERGING MARKETS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 174840
<INVESTMENTS-AT-VALUE> 168794
<RECEIVABLES> 4825
<ASSETS-OTHER> 2373
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175992
<PAYABLE-FOR-SECURITIES> 2446
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 873
<TOTAL-LIABILITIES> 3319
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 186932
<SHARES-COMMON-STOCK> 15470
<SHARES-COMMON-PRIOR> 10390
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 226
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 7919
<ACCUM-APPREC-OR-DEPREC> (6114)
<NET-ASSETS> 172673
<DIVIDEND-INCOME> 3668
<INTEREST-INCOME> 149
<OTHER-INCOME> 0
<EXPENSES-NET> 2540
<NET-INVESTMENT-INCOME> 1277
<REALIZED-GAINS-CURRENT> (7310)
<APPREC-INCREASE-CURRENT> (5133)
<NET-CHANGE-FROM-OPS> (11166)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 687
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 401
<NUMBER-OF-SHARES-SOLD> 8377
<NUMBER-OF-SHARES-REDEEMED> 3387
<SHARES-REINVESTED> 90
<NET-CHANGE-IN-ASSETS> 57656
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 903
<OVERDIST-NET-GAINS-PRIOR> 812
<GROSS-ADVISORY-FEES> 1381
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2602
<AVERAGE-NET-ASSETS> 144893
<PER-SHARE-NAV-BEGIN> 12.25
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> (1.12)
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.16
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 22
<NAME> MULTISTRATEGY BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 224552
<INVESTMENTS-AT-VALUE> 229287
<RECEIVABLES> 4384
<ASSETS-OTHER> 7173
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240844
<PAYABLE-FOR-SECURITIES> 14996
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7083
<TOTAL-LIABILITIES> 22079
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 214352
<SHARES-COMMON-STOCK> 21348
<SHARES-COMMON-PRIOR> 18622
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (614)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5013
<NET-ASSETS> 218765
<DIVIDEND-INCOME> 2133
<INTEREST-INCOME> 12446
<OTHER-INCOME> 0
<EXPENSES-NET> 1662
<NET-INVESTMENT-INCOME> 12917
<REALIZED-GAINS-CURRENT> 5322
<APPREC-INCREASE-CURRENT> 13815
<NET-CHANGE-FROM-OPS> 32054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13105
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9709
<NUMBER-OF-SHARES-REDEEMED> 8042
<SHARES-REINVESTED> 1058
<NET-CHANGE-IN-ASSETS> 26781
<ACCUMULATED-NII-PRIOR> 96
<ACCUMULATED-GAINS-PRIOR> (5932)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1746
<AVERAGE-NET-ASSETS> 195545
<PER-SHARE-NAV-BEGIN> 9.29
<PER-SHARE-NII> .65
<PER-SHARE-GAIN-APPREC> .97
<PER-SHARE-DIVIDEND> .66
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.25
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE> 1
EXHIBIT 99.11(a)
CONSENT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
Frank Russell Investment Company:
We consent to the incorporation by reference in Post-Effective
Amendment No. 34 to the Registration Statement of Frank Russell Investment
Company on Form N-1A of our reports dated February 12, 1996, on our audits of
the financial statements and financial highlights of the Fund (comprised of
Equity I Fund, Equity II Fund, Equity III Fund, Equity Q Fund, International
Fund, Emerging Markets Fund, Fixed Income I Fund, Fixed Income II Fund, Fixed
Income III Fund, Money Market Fund, Diversified Equity Fund, Special Growth
Fund, Equity Income Fund, Quantitative Equity Fund, International Securities
Fund, Real Estate Securities Fund, Diversified Bond Fund, Volatility
Constrained Bond Fund, Multistrategy Bond Fund, Limited Volatility Tax Free
Fund, U.S. Government Money Market Fund and Tax Free Money Market Fund) which
reports are included in the Annual Reports to the shareholders for the year
ended December 31, 1995, which are incorporated by reference in the
Registration Statement. We also consent to the references to our Firm under the
captions "Financial Highlights" and "Additional Information" in the
Prospectuses, and "Independent Accountants" in the Statement of Additional
Information.
/s/ Coopers & Lybrand L.L.P.
Boston, Massachusetts Coopers & Lybrand L.L.P.
May 15, 1996
